灰度的比特币信托：濒临耗尽？

随着供应量迅速减少，灰度的比特币信托基金正濒临耗尽的边缘。由于该基金可能会在短短 96 天内耗尽比特币，因此焦点转向灰度将如何度过这一关键时刻。随着该公司的比特币储备以惊人的速度耗尽，引发了对其运营可持续性的担忧，这引发了人们对其运营可持续性的担忧。目前，灰度投资成为焦点，投资者密切关注事态发展，想知道该信托将如何度过这场准备金减少的风暴。

Grayscale's Bitcoin Trust: On the Brink of Exhaustion?

灰度的比特币信托：濒临耗尽？

Since BlackRock's bitcoin ETF made headlines with record daily inflows, the focus has shifted to another major player in the space: Grayscale Investments. But a pressing question lingers: how quickly will Grayscale's fund run out of bitcoin?

自从贝莱德 (BlackRock) 的比特币 ETF 以创纪录的每日流入量成为头条新闻以来，焦点已转移到该领域的另一个主要参与者：灰度投资 (Grayscale Investments)。但一个紧迫的问题仍然存在：灰度的基金多久会耗尽比特币？

Red Flags: Grayscale's Bitcoin Supply Dwindling

危险信号：灰度的比特币供应减少

According to Arkham Intelligence, Grayscale's Bitcoin Trust (GBTC) could exhaust its bitcoin reserves in just 96 days at the current redemption rate. This calculation stems from the 277,470 BTC Grayscale has sold since converting GBTC into an ETF in January.

据 Arkham Intelligence 称，按照目前的赎回率，Grayscale 的比特币信托（GBTC）可能会在短短 96 天内耗尽其比特币储备。这一计算源于自 1 月份将 GBTC 转换为 ETF 以来，Grayscale 已售出 277,470 BTC。

By the Numbers: A Sharp Decline in Bitcoin Holdings

从数字来看：比特币持有量急剧下降

Grayscale began the year with a hefty 618,280 BTC for its Bitcoin Trust. However, as of March 23, its holdings have dwindled to a mere 356,440 BTC. If the current trend continues, the fund's bitcoin supply will be depleted within 14 weeks.

今年年初，灰度为其比特币信托基金筹集了 618,280 比特币。然而，截至 3 月 23 日，其持有量已减少至仅 356,440 BTC。如果目前的趋势持续下去，该基金的比特币供应将在 14 周内耗尽。

IBIT on the Rise, Threatening GBTC's Dominance

IBIT崛起，威胁GBTC统治地位

Meanwhile, BlackRock's iShares Bitcoin Trust (IBIT) has been amassing an impressive 4,120 BTC per day on average, amounting to over $274 million at current prices. Analysts predict that IBIT could surpass GBTC's bitcoin holdings in as little as two weeks.

与此同时，贝莱德的 iShares 比特币信托 (IBIT) 平均每天积累了令人印象深刻的 4,120 比特币，按当前价格计算，价值超过 2.74 亿美元。分析师预测 IBIT 可能会在短短两周内超过 GBTC 的比特币持有量。

A Glimmer of Hope?

一线希望？

However, some experts believe the worst may be behind GBTC. Bloomberg ETF analyst Eric Balchunas suggests that the recent increase in flows could be linked to bankruptcies, based on their size and consistency. He speculates that Gemini and Genesis outflows may be fueling bitcoin purchases, potentially buoying the market.

然而，一些专家认为，最糟糕的情况可能已经过去了。彭博 ETF 分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 表示，根据破产规模和一致性，近期资金流入的增加可能与破产有关。他推测 Gemini 和 Genesis 的资金流出可能会刺激比特币购买，从而提振市场。

The Verdict: Grayscale's Fate Hangs in the Balance

结论：灰度的命运悬而未决

As things stand, Grayscale's Bitcoin Trust is facing a precarious situation. With its bitcoin reserves dwindling rapidly, the fund's long-term viability is in question. While BlackRock's IBIT poses a significant threat, the recent surge in GBTC flows offers a glimmer of hope. However, it remains to be seen whether this positive trend will continue or if Grayscale's days as a major bitcoin custodian are numbered.

从目前的情况来看，灰度的比特币信托正面临着不稳定的局面。随着比特币储备迅速减少，该基金的长期生存能力受到质疑。虽然贝莱德的 IBIT 构成了重大威胁，但最近 GBTC 流量的激增带来了一线希望。然而，这种积极趋势是否会持续，或者灰度作为主要比特币托管商的日子是否屈指可数，还有待观察。